Apple exec new CEO at Penney

NEW YORK — J.C. Penney Co. is looking to bite into the magic of Apple.

The midbrow department store chain has named Ron Johnson, who pioneered Apple Inc.’s retail stores, as its next CEO. He will succeed Myron Ullman III in November, the retailer said Tuesday.

During his 11 years at Apple, Johnson led Apple’s retail stores and has been credited with developing the popular Genius Bar, where customers can get hands-on technical support for their Mac, iPad or other devices.

Johnson, 52, will report to Ullman, who will become executive chairman. Johnson will also join J.C. Penney’s board of directors in August.

Ullman has been chairman and CEO since December 2004.

Apple’s retail chain has grown to 300 stores in the United States and abroad and has become the gold standard for other retailers looking to make their stores modern and exciting. Johnson joined Apple after 15 years at Target Corp., where he was a merchandising executive who led the team that brought designer Michael Graves’ products to the “cheap chic” retailer.

Penney’s shares rose $5.71, or almost 19 percent, to $35.82 after the announcement.

Johnson told The Associated Press it was difficult to leave Apple but added that becoming CEO was a “lifelong dream.”

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